Toys ‘R’ Us Inc. told employees Wednesday the struggling big-box retailer will sell or close all its U.S. stores, a collapse that threatens up to 33,000 American jobs in the coming months.

The 70-year-old chain, which filed for bankruptcy protection in September, has more than 700 remaining U.S. locations, including Babies ‘R’ Us stores. It would be one of the biggest retail liquidations since The Sports Authority filed for bankruptcy in 2016 with 14,500 workers and closed more than 460 stores.